What is Money?

The commonly held view among modern economists, is that barter was the first monetary system. As the human population increased and the social groups structure evolved the barter system became more and more cumbersome and thus unsustainable. This may have given birth to the concept of MONEY.

Aristotle is supposed to have said that anything could be used as money, as long the participants in the trade are in agreement about its value.

The four guidelines as stated by Aristotle that defines a money as a medium of trade are as follows:

From seashells and other articles of day-to day life, the present structure of money commonly accepted across the economies across the world is fiat money- inconvertible paper money made legal tender by a government order.